E-Financial
NOVA Merchant Bank Holds 3rd AGM Virtually

Nova Merchant Bank on Thursday, May 7, embraced digital technology as the financial institution held its third Annual General Meeting (AGM) virtually at its head office in Victoria Island, Lagos.
The meeting was held virtually in strict adherence with stipulations by the Federal and state government in a bid to limit the spread of the Coronavirus pandemic currently ravaging the world.
The meeting which was led by Mr. Phillips Oduoza, chairman, NOVA Merchant Bank, had in attendance Mr Anya Duroha, managing director; Mr. Nnadozie Ohaji, company secretary; board of directors; Shareholders, as well as representatives from key financial regulatory organisations including the Central Bank of Nigeria and the Nigerian Deposit Insurance Corporation.
Shareholders at the meeting lauded the innovative concept of the virtual meeting, which according to them, showed that the bank is ahead in keeping up with the times, while ensuring continuous safety of both staff and shareholders.
They also commended its impressive performance and urged the bank to continue the growth trajectory notwithstanding the current macroeconomic headwinds occasioned by the coronavirus and drop in oil price.
While presenting the bank’s financial performance for the year ended December 31, 2019, Oduoza noted that the bank reported a significant improvement in all the key financial indices compared to 2018 achievements.
He attributed this growth to the successful execution of the 2019 strategic plan in line with the key strategic pillars to position the bank as a market leader by 2025.
“While we acknowledge the present macro-economic landscape and its concerns, and even though we see that the situation remains very fluid, It is our firm belief that the COVID-19 crisis will also result in several opportunities for the Bank, as industry dynamics evolve,” Oduoza said.
He assured the shareholders that the Bank will continue to focus on digital banking, provision of long-term funding, wholesale and investment banking while maintaining a lean operating philosophy.
Also speaking, Duroha, managing director/chief executive officer said, 2019 was the year in which the Bank’s business made major leaps due to the resilience and commitment of our employees.
He said, “I am pleased to inform you that your investments in the Bank have continued to record double digit growth along all major parameters. This clearly demonstrates the level of confidence in the Bank and our offerings especially given the competitive nature of the banking industry and our relative newness in the market.
“We were able to deliver these impressive results as we remained focused on our mission of creating superior value in the markets we serve and keeping our customers at the center of our business. I believe this performance is sustainable by maintaining our relentless focus on providing a superior customer experience,” Duroha stated.
According to the MD, some of these key achievements include growth in deposits by 523%, growth in loan book by 1106%, increase in total assets by 155% and rise in profit after tax by 43% over the 2018 performance, adding that the customer base scaled up by 72% while the cost to income ratio dropped by 8% over 2018.
At the meeting, the shareholders also approved the reappointment of two retiring directors and urged the board to continue to steer the bank in the right direction.
NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
E-Financial
Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships

Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
E-Financial
FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
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